Cameco (NYSE:CCJ) Trading Down 3.1% – Here’s What Happened

Cameco Co. (NYSE:CCJ) (TSE:CCO) shares traded down 3.1% during mid-day trading on Wednesday . The company traded as low as $49.84 and last traded at $49.96. 1,070,167 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,356,219 shares. The stock had previously closed at $51.58.

Analyst Ratings Changes

A number of analysts have weighed in on CCJ shares. Scotiabank cut their price objective on shares of Cameco from $81.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Cantor Fitzgerald raised Cameco from a “neutral” rating to an “overweight” rating in a research report on Wednesday, July 31st. Glj Research reissued a “buy” rating and issued a $63.73 price objective on shares of Cameco in a report on Wednesday, August 14th. National Bank Financial raised shares of Cameco to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Janney Montgomery Scott raised shares of Cameco to a “strong-buy” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $66.56.

Cameco Price Performance

The company has a current ratio of 3.22, a quick ratio of 1.48 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $42.22 and a two-hundred day simple moving average of $47.16. The company has a market cap of $21.94 billion, a PE ratio of 128.10 and a beta of 0.90.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its earnings results on Wednesday, July 31st. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.14). The company had revenue of $598.00 million for the quarter, compared to analysts’ expectations of $756.00 million. Cameco had a return on equity of 5.63% and a net margin of 9.72%. Cameco’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, equities analysts predict that Cameco Co. will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bornite Capital Management LP purchased a new position in Cameco during the fourth quarter worth $6,590,000. Tidal Investments LLC lifted its holdings in Cameco by 15.5% in the 1st quarter. Tidal Investments LLC now owns 20,036 shares of the basic materials company’s stock valued at $868,000 after purchasing an additional 2,683 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Cameco during the 1st quarter worth about $30,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Cameco during the first quarter worth about $295,000. Finally, Councilmark Asset Management LLC acquired a new position in shares of Cameco in the first quarter valued at approximately $1,760,000. 70.21% of the stock is owned by hedge funds and other institutional investors.

About Cameco

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.